Comments: The HUI looks like it will touch the upper part of a fairly narrow channel. I sold most of my gold and energy positions today at around 317 HUI for a fairly decent trade. Just going to wait and see how things begin to play out from here.
I also went short some QQQQs. Without confirmation, this is a bit risky, but the market is horribly overbought and the QQQQs' momentum has started to lag, while the Diamonds and the Cubes are horribly overbought.
Current Portfolio Holdings: 34% short Nasdaq 100 and S&P; Longs: 10% Gold; 5% Copper.
4 comments:
You sure do trade short term a lot.
Do you do anything productive for a living?
I suggest you pick a nice basket of physical silver/gold and assorted mining co.s and enjoy the ride.
As Jesse Livermore once said "...I finally realized that the big money was in the anticipation of the big moves, not the what the next few quotes would be"
JMHO
Although the main point of your comment seemed to be to make a pretty asinine remark about my employment under the cover of a famous quote, I'll be a good sport and respond to your comment with the following:
Mr. Livermore who you quoted committed suicide after losing just about all of his wealth in the market, which kind of begs the question, does it: after you place your bets in that nice basket of physical gold/silver and mining companies, how do you know when to sell?
Apparently Livermore didn't have a practical answer to that question. Do you?
Actually, Livermore did sell right, but then he got back in too early and that was his ultimate undoing. He had lost his fortune a couple of times before, but apparently the third time is not the charm, at least, not in that case. If you ever do get a REAL job, you slacker, please do remember to send us a postcard. ;^0 Just kidding!
Titan,
I apologize for the comment regarding your employment. I've had some long workdays and I was cranky.
Now onto when to sell. Answer: When the taxi cab driver and the pizza delivery guy are giving you gold and silver tips.
Post a Comment